309.62 UNIFORM MANAGEMENT OF INSTITUTIONAL FUNDS ACT; DEFINITIONS.
Subdivision 1. Scope.
For the purposes of sections
, the following terms
shall have the meanings here given them.
Subd. 2. Institution.
"Institution" means an incorporated or unincorporated organization
organized and operated exclusively for educational, religious, charitable, or other eleemosynary
purposes, or a governmental organization to the extent that it holds funds exclusively for any of
Subd. 3. Institutional fund.
"Institutional fund" means a fund held by an institution for its
exclusive use, benefit, or purposes, but does not include (a) a fund held for an institution by a
trustee that is not an institution or (b) a fund in which a beneficiary that is not an institution has an
interest, other than possible rights that could arise upon violation or failure of the purposes of
Subd. 4. Endowment fund.
"Endowment fund" means an institutional fund, or any part
thereof, not wholly expendable by the institution on a current basis under the terms of the
applicable gift instrument.
Subd. 5. Historic dollar value.
"Historic dollar value" means the aggregate fair value in
dollars of (a) an endowment fund at the time it became an endowment fund, (b) each subsequent
donation to the fund at the time it is made, and (c) each accumulation made pursuant to a
direction in the applicable gift instrument at the time the accumulation is added to the fund. The
determination of historic dollar value made in good faith by the institution is conclusive.
Subd. 6. Gift instrument.
"Gift instrument" means a will, deed, grant, conveyance,
agreement, memorandum, writing, or other governing document, including the terms of any
institutional solicitations from which an institutional fund resulted, under which property is
transferred to or held by an institution as an institutional fund.
History: 1973 c 313 s 1